{"id":440133,"date":"2023-09-17T21:52:49","date_gmt":"2023-09-17T21:52:49","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=440133"},"modified":"2023-09-17T21:52:49","modified_gmt":"2023-09-17T21:52:49","slug":"ethereum-price-prediction-what-can-we-expect-from-eth-next-week","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ethereum-price-prediction-what-can-we-expect-from-eth-next-week","title":{"rendered":"Ethereum Price Prediction: What Can We Expect From ETH Next Week?"},"content":{"rendered":"

Ethereum’s price has stagnated over the last 24 hours, with the second-largest coin trading between $1,622 and $1.638.<\/p>\n

The price action mirrors what has mainly been seen across the broader cryptocurrency market, with most large coins failing to post significant changes.<\/p>\n

With no major developments reported around Ether, volatility will likely remain relatively low, and no significant price swings will be witnessed in the coming week.<\/p>\n

A recent report by CoinShares<\/a> ranked Ethereum as the least-loved digital asset among ETO investors in 2023. ETH’s year-to-date outflows totaled $108 million, representing 1.6% of the assets under management.<\/p>\n

As such, investor sentiment remains relatively low, and a strong price action in the coming week is unlikely.<\/p>\n

Ethereum Might Rally After Rejections From $1,550<\/h2>\n

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Ethereum’s seven-day low stands at $1,540. ETH bounced from these levels severally despite bears attempting to drop the price further.<\/p>\n

Ethereum bouncing from these levels shows the token moving from the sell-side liquidity, which is now gaining toward the buy-side liquidity.<\/p>\n

If traders start accumulating at the current price, ETH will likely gain towards $1,800 and possibly touch the $2,000 levels posted in July.<\/p>\n

This bullish thesis will be invalidated if ETH drops and the price touches the $1,580 level.<\/p>\n

Buyer Support Remains Low<\/h2>\n

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Support from buyers remains significantly low, which could see the price continue to stagnate at the current levels.<\/p>\n

The Relative Strength Index (RSI) at 39 shows weak buyer momentum. Additionally, the RSI line is tipping south, indicating some selling activity.<\/p>\n

The Awesome Oscillator (AO) on the negative further strengthens the bearish thesis.<\/p>\n

With ETH trading below its 50-day, 100-day, and 200-day simple moving averages (SMAs), the price action will likely remain weak in the coming week.<\/p>\n

Ethereum’s Net Supply Drops One Year After Merge<\/h2>\n

On September 15, 2022, Ethereum implemented the crucial Merge upgrade that saw Ethereum switch from a proof-of-work to a proof-of-stake blockchain. Among the benefits of the merger was a reduction in ETH’s supply.<\/p>\n

Since the Merge, Ethereum has minted 680,455.31 ETH and burned 980,377.87 ETH, leading to a net supply reduction<\/a> of 299,922.50 ETH. As such, Ether’s supply has declined by 0.249%.<\/p>\n

If Ethereum had not upgraded to a PoS network, the net supply could have increased by over 3.8 million or 3%.<\/p>\n

Wall Street Memes Presale Enters Final Week With Over $25M Raised<\/h2>\n

The Wall Street Memes presale easily ranks as one of the best-performing presale events 2023. The presale has already raised more than $25 million.<\/p>\n

The WSM team already has tier-1 exchange listings lined up. According to the presale website<\/a>, only eight days are left before the token is listed on exchanges, which will see the price explode.<\/p>\n

Wall Street Memes is one of the largest communities in the crypto industry, boasting high social engagement levels. The WSM token seeks to legitimize the loyal supporters of this movement.<\/p>\n

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